...to offer this much?

[shiveringwiggles]

Just seen a three bed house we like on the market for 230k. The owners are deceased and the son is selling. It hasn't been updated in a few decades and would need new windows in every room. The kitchen and bathroom are barely functional and would need to be fitted and replaced before we could get to the cosmetic stuff (new carpets throughout etc) and properly 'live there'.

Am I being unreasonable to offer quite a bit under? 190/200k?

(We are first time buyers if this helps).

@Notupforit

You can offer whatever you like - what's the worst that can happen? If they say no then you've lost absolutely nothing. If you say yes then you've got a bargain.

This. A lot of MNers are very funny about low bids on houses but it's simply a business transaction.

No one can say whether you are reasonable or crazy because we don't know that house in relation to the market, but unless I absolutely had to have a particular property then I'd start low.

Make whatever offer you like. I was lowballed twice and refused. They didn't counter and that was that. I lost a house because my bid wasnt as high as the seller wanted. It was as high as I could financially go... I literally couldn't stretch the money any further. His mom literally asked my agent why I wouldn't just pay the higher amount 😲🙄. He sold it several months later...heating it all through winter...for 5k LESS than what I offered! Idiot.

And my current house the brothers drug things out because I offered 5k below asking.... Then turns out they hid a major basement flooding issue so now I'm having to go after them in court to recoup the costs.

So it sounds as if they've factored at least some of the necessary work into the valuation, but how long has it been for sale?

If it's only just been marketed the vendor will probably hang on for a while, but if it's more tthan 6 months make sure your offer's really low (I'd normally say 3 months, but with Covid ...)

I would just do it. You never know...

You can only ask.
It very much depends on the sellers situation whether they'll consider it and none of us can second guess that unfortunately. Things like how long it's been on the market and what other offers or interest they've had will all play a part too.

If it IS over priced, it'll sit on the market for a while and you may find you're in a better position to negotiate further down the line.

Sorry if you've said already......which part of UK are you in?

How long has it been on the market? What have similar properties sold for?

If the usual price is £300k then it's already significantly discounted. If the one next door fully finished sold last month for £250k then it might be worth a punt.

My parents viewed a property which had been empty 3 years following a bereavement and it was on for around the going rate for that size of house in the area, but it was in terrible condition, holes in the roof, dirty dishes still in the sink for 3 years, oven festering for 3 years, water stagnant in the toilets and dripping taps have left green marks in the bath etc. They made an offer of half the asking price and it was accepted as after 3 years they were getting very few viewings and it was just getting wose and worse. Their valuation wasn't too far off as the surveyor only valued it at £20k more than they'd offered.

Do your homework and be prepared to walk away if what you're offering doesn't fit with the sellers expectations.

Building a relationship with a seller can have genuine benefits, but of course only works if both parties are genuine

Sorry and agree, it was an off the cuff remark due to Covid.

Op, it does read like it’s priced to reflect the condition, and not priced like its immaculate. So with all the improvements you mention it would be worth a lot more than 230.

However, you know what, nothing ventured nothing gained, so put your offer in, if it’s a no then you’ve only lost a little of your time, if it’s a yes you’ve a bargain. You may as well have a crack at it.

I would go in about 210/215. A 20K drop from a 'good quality' house isn't enough to do all the work you've mentioned.

The owners are deceased and the son is selling

I've found that some people seem to think they should be able to get a property cheaper in this case. I'm never quite sure why. In fact often the sellers can be more patient as they don't normally need to sell the house in order to move etc.

Some people selling through probate can be greedy though. My auntie sold my grandma’s house for £630k when it was on for £780k. Bear in mind she got the offer after only 8 days, I’m sure she could have got more. To her though it was just £630k that she hadn’t had to work for, horrible cow.

My point is, go for it and you may get lucky.

There’s a lot of uncertainty in the market at the moment, it’s possible you could manage it, I’m in the “it can’t hurt to try” camp.

Also I second the comments about getting to know the seller. A good friend wasn’t the highest bidder on her house but the seller liked their situation and was happy to take their offer. (I don’t recall details or I’d share!)

Try it.. you cant lose really can you? If he says no you up your offer (if you can/feel it's worth it).

We were first time buyers in December and offered 10k under which was accepted... we were very lucky as a similar house in neighbouring road went on market for considerably less.

I think somewhere between 210 and 220 may be OK .In any case they can only say No really, and you counter offer ( as seen on LLL LOL)! what is the worse that can happen?If it needs a lot doing anyway, the Survey may come in at a lower price!

Also first time buyers are an attractive prospect, as it means the deal will go through more quickly for them !

My dB is selling a probate property himself. On for a similar price. He has his minimum acceptable limit which he’d agree to. It’s already priced for something that needs work. So, there’s not much leverage. You could try, but as he’s probably not in a hurry, he’ll hold onto it until he gets the price he wants. Usually, property developers with cash.

Does the house need more or less than £20k of work doing? If it needs around the £20k mark then I would possibly offer £220k to £225k if houses in the area are selling for +£250k. I think offering £190k would potentially push the seller to just simply refuse any offer you put in.

Where are folks getting the 250 from? The op has said 230 to 300.

So that would mean immaculate it could go for up to 300.

"They are local people, have viewed the house and had alot of respect for the house and its history and surroundings, vendor was doing the viewings and they built a very good relationship with the vendor, chatting about the house, its history, future plans, even saying they would stay in touch and let seller know what they had changed to the house, keeping some of thier original features that had meant something to seller (of course that only works if you plan to follow through)"

LOL! I'm sure your friends were genuine, ;) But honestly, people will say some shite to get their hands on the house they want. Unless I also LOVED some feature of the house, no way on earth would I keep it, just because it "meant something" to the previous occupier! And letting them know what you change about the house?! Absolute twaddle. It's YOUR house! Do whatever you feel like! You have zero obligation to inform or consult with the previous owners about anything. If they liked it that much, they shouldn't have moved!!

I remember when we moved into a home as older children... The then owners proudly showed my dad some "display niches" he'd added to the dining room wall... Terribly proud he was. My dad made all the right noises, "oh yes...! Lovely!" First thing my dad did when moved in ? Ripped those "display niches" right off!

@Bluntness100 the OP said 250-300.

OP, you can offer what you want but you'd run the risk of being seen as a CF which may lead to any offer you put in being rejected.

Some of these comments are ridiculous! Buying a house is a business transaction. The OP can OFFER whatever she wants me. The vendor doesn't have to accept.

Didn't realise there would be so many replies! You're a useful bunch

We're torn between this house and another in the area now. Buying a house is so hard!

Just out of interest, would you buy a house where there has been a previous official complaint over a shared wall by the neighbour? If everything else was perfect?

@shiveringwiggles It'd probably depend on the nature of the complaint. I would ask for full details and use that as the basis of the decision.

Having had PITA neighbours in the past, i'd run a mile at any sniff of a potential problem with a neighbour unless I was completely satisfied that the matter was resolved and that the neighbour wasn't a t*at.

No your not being unreasonable to offer that.
It will get accepted or it will get rejected, thats.

The shared wall complaint Id want more details about before moving in somewhere that is going to give me a headache.